© Reuters. The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, December 6, 2023. REUTERS/Staff/File Photo
(Reuters) – European shares were largely subdued on Wednesday as investors steered clear of risky bets ahead of the U.S. Federal Reserve’s much-anticipated interest rate decision and policy outlook.
The pan-European edged up 0.1% by 0810 GMT, with rate-sensitive real estate and technology sectors rising, and energy stocks falling on lower oil prices.
Investors have fully priced in a pause from the Fed later in the day, with Tuesday’s U.S. inflation data doing little to alter rate cut bets for next year.
The focus will be on Chair Jerome Powell’s commentary and the central bank’s short-term rates projection for clues on the timing of policy easing.
Entain jumped 4.6% as the betting and gaming firm’s CEO, Jette Nygaard-Andersen, is stepping down from the group with immediate effect.
BASF gained 3.2% after UBS upgraded the German chemicals giant to a “buy” rating from “sell”, steering a near 1% rise in the chemical sector.
LVMH lost 1% after J.P. Morgan downgraded the luxury giant to “neutral” from “overweight”.
